Pune, June 25, 2019 (GLOBE NEWSWIRE) -- Awareness programs launched by governments to spread knowledge about quality food and drugs is driving the Process Spectroscopy Market, finds Fortune Business Insights in a new study. The study is titled, “Process Spectroscopy Market: Global Market Analysis, Insights and Forecasts, 2018 – 2025.” According to this study, the global Process Spectroscopy Market, valued at US$ 976.9 Mn in 2017 is likely to expand at 8.9% CAGR and reach a value of US$ 1910.1 Mn by the end of 2025.
The widespread adoption of NIR spectroscopy across several end-use industries the segment is expected to rise remarkably in terms of technology. In 2017, the NRI spectroscopy segment accounted for an approximate share of 52.6% in the market. However, the FT-IR spectroscopy segment is expected to display a better performance as compared to the traditional methods of data reproducibility and collection speed, spectral quality, and easy application and maintenance. Thus, the FT-IR segment is expected to be the fastest growing segment with respect to technology.
The application of Raman spectroscopy is increasing in agriculture sector due to its varied features that are useful in the agricultural sector. Growth in this sector is attributable to various technological developments namely detailed fingerprinting, ability to estimate the purity of a compound, and others. On the other side, the wide adoption of molecular spectroscopy technology in pharmaceutical, as well as in food and agriculture sectors is likely to propel growth in the market for process spectroscopy in future.
Adoption of Process Spectroscopy in Various Sectors to Propel Market Globally
The increasing focus on maintaining international quality standards across industries and the growing adoption of process technology across various sectors such as food and agriculture and pharmaceuticals are key factors driving the global spectroscopy market. Governments have also taken initiatives to spread awareness about quality maintenance and all have implemented rules regarding the same. This is expected to boost the uptake of process spectroscopy across diverse industries. Furthermore, the increasing adoption of process spectroscopy in the pharmaceutical industry is also enabling growth in the market.
The global Process Spectroscopy Market is expected to show impressive growth bolstered by various factors. These include the rise in demand for water and wastewater treatment, and the rising popularity of spectroscopy for drug safety process across the globe.
However, high cost of deploying adequate infrastructure to support process spectroscopy may hinder the market in future. Again, once installed, there is the constant need for maintenance of process spectroscopy and this may hamper the market to an extent. Besides this, the lack of skilled professionals for process spectroscopy technology might as well hinder the overall growth of the market in the long run.
Nevertheless, the adoption of such technologies in developing nations such as China and India and the increasing demand for process analyzers will give tailwinds to the growth of the global market.
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Shimadzu Corporation Emerges Dominant
Extensive distribution channels of leading players have catapulted them to the fore of the global Process Spectroscopy Market. This has also rendered the global market consolidated. Currently the market is dominated by companies such as Horiba, Ltd., Kett Electric Laboratory, Shimadzu Corporation.
Key companies covered in the report
- Agilent Technologies Ltd.
- ABB Ltd.
- BUCHI Labortechnik AG
- Bruker Corporation
- Danaher Corporation
- Foss A/S.
- HORIBA, Ltd.
- Kett Electric Laboratory
- Shimadzu Corporation
- Sartorius AG
- Thermo Fisher Scientific Inc.
- Yokogawa Electric Corporation
Browse Complete Report Details Enabled with Complete Tables and Figures:
https://www.fortunebusinessinsights.com/industry-reports/process-spectroscopy-market-100391
Table of Content:
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Global Market Overview
- Macro and Micro Economic Indicators
- Emerging Market Trends
- Industry SWOT Analysis
- Global Process Spectroscopy Market Analysis, Insights and Forecast, 2014-2025
- Definitions
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Technology
- NIR Spectroscopy
- Raman Spectroscopy
- FT-IR Spectroscopy
- Others
- Market Analysis, Insights and Forecast – By End Use Industry
- Polymer
- Oil and Gas
- Pharmaceutical
- Food and Agriculture
- Chemical
- Metal & Mining
- Others
- Market Analysis, Insights and Forecast – By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Competitive Analysis
- Strategic Recommendations
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